The US Treasury Department on Monday imposed sanctions on a network of individuals and companies it claimed counterfeited Yemeni bank notes potentially worth hundreds of millions of dollars.

(tasnim) -- The network circumvented European export restrictions in order to provide the counterfeiting supplies and equipment, a Treasury statement claimed, Reuters reported.

According to the statement, Pardavesh Tasvir Rayan Co. is a printing operation controlled by businessman Reza Heidari and owned by Tejarat Almas Mobin Holding that procured equipment and materials to print counterfeit Yemeni rial bank notes.

The US Treasury claims that Iran’s Islamic Revolution Guards Corps Quds Force used the currency to support its activities in the region.

Heidari used front companies and other methods to keep European suppliers in the dark about their ultimate customer. He coordinated with Mahmoud Seif, Tejarat’s managing director, on the logistics of procuring materials and moving them into Iran, the statement said.

The US Treasury Department imposed restrictions on both men and both companies, as well as ForEnt Technik GmbH, which Heidari owns, and Printing Trade Center GmbH for serving as front companies in the operation.